Foxtons shares plunged by more than 13 per cent in just an hour in early trading, after a briefing document on Monday indicated the fees will be banned. Shares dropped even furrther following Mr Hammond's speech, down more than 14 per cent by market closing time on Wednesday.

Countrywide, the UK’s largest estate agent, was also hit hard with shares dropping by 7 per cent in early trading, while Savills slipped by 1 per cent. Both have recovered slightly but were stil down 5 per cent and 0.95 per cent respectively.

Neil Wilson, market analyst at ETX Capital, said the ban on charging fees to tenants comes as a “hammer blow” to embattled estate agents.

He said: "Passing on the cost to landlords could drive down fees by improving competition, although estate agents claim they make no money from fees. Estate agents have suffered since the Brexit vote – shares in Foxtons are still trading down around 30 per cent from their pre-referendum level amid falling client activity. Countrywide stock is now worth a third of what it was in May 2015."

Theresa May promised in her opening speech as Prime Minister to lead a Government for the Jams or those who were "just about managing".

The move was welcomed by housing charities which said the change would signal a "huge difference" to renters. Charities have said that these primarily upfront fees have risen in recent years.

Brexit Concerns

Brexit Concerns

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Raymond McCord holds up his newly issued Irish passport alongside his British passport outside the High Court in Belfast following a judges dismissal of the UK's first legal challenges to Brexit

PA wire

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SDLP leader Colum Eastwood leaving the High Court in Belfast following a judges dismissal of the UK's first legal challenges to Brexit

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Migrants with luggage walk past a graffiti on a wall as they leave the 'Jungle' migrant camp, as part of a major three-day operation planned to clear the camp in Calais

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Migrants leave messages on their tents in the Jungle migrant camp

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The Adventist Development and Relief Agency (Adra) which distributes approximately 700 meals daily in the northern Paris camp states that it is noticing a spike in new migrant arrivals this week, potentially linked the the Calais 'jungle' camp closure - with around 1000 meals distributed today

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Migrant workers pick apples at Stocks Farm in Suckley, Britain

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Many farmers across the country are voicing concerns that Brexit could be a dangerous step into the
unknown for the farming industry

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Bank of England governor Mark Carney who said the long-term outlook for the UK economy is positive, but growth was slowing in the wake of the Brexit vote

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The Dow Jones industrial average closed down over 600 points on the news with markets around the globe pluninging

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Immigration officers deal with each member of the public seeking entry into the United Kingdom but on average, 10 a day are refused entry at this London airport and between 2008 and 2009, 33,100 people were detained at the airport for mainly passport irregularities

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A number of global investment giants have threatened to move their European operations out of London if Brexit proves to have a negative impact on their businesses

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Following the possibility of a Brexit the UK would be released from its renewable energy targets under the EU Renewable Energy Directive and from EU state aid restrictions, potentially giving the government more freedom both in the design and phasing out of renewable energy support regimes

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A woman looking at a chart showing the drop in the pound (Sterling) against the US Dollar in London after Britain voted to leave the EU

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Young protesters outside the Houses of Parliament in Westminster, to protest against the United Kingdom's decision to leave the EU following the referendum

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Applications from Northern Ireland citizens for Irish Passports has soared to a record high after the UK Voted in favour of Leaving the EU

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NFU Vice President Minette Batters with Secretary of State, Andrea Leadsome at the National Farmers Union (NFU) took machinery, produce, farmers and staff to Westminster to encourage Members of Parliament to back British farming, post Brexit

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The latest reports released by the UK Cabinet Office warn that expats would lose a range of specific rights to live, to work and to access pensions, healthcare and public services. The same reports added that UK citizens abroad would not be able to assume that these rights will be guaranteed in the future

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A British resident living in Spain asks questions during an informative Brexit talk by the "Brexpats in Spain" group, about Spanish legal issues to become Spanish citizens, at the town hall in Benalmadena, Spain

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The collapse of Great Britain appears to have been greatly exaggerated given the late summer crowds visiting city museums, hotels, and other important tourist attractions

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The U.K. should maintain European Union regulations covering everything from working hours to chemicals until after the government sets out its plans for Brexit, said British manufacturers anxious to avoid a policy vacuum and safeguard access to their biggest export market

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Fees typically cost £223, according to the latest English Housing Survey. However, Shelter research in 2012 found that one in seven tenants pays more than £500.

Campbell Robb, Shelter's chief executive, said: "Millions of renters in England have felt the financial strain of unfair letting agent fees for far too long. We’ve long been campaigning on this issue and it’s great to see that the Government has taken note."

"Our recent survey found that nearly half of renters had been asked to pay fees that they thought were too high, with many having to borrow money every time they move, so this will make a huge difference to all those scraping by in our expensive, unstable renting market."